Fannie Mae's automated underwriting system is ready to process Federal Housing Administration single-family loans using FHA's new scorecard, according to the secondary market agency."We are pleased to be the first in the industry to offer lenders the FHA TOTAL scorecard," said Fannie Mae senior vice president Pam Johnson said. [TOTAL stands for Technology Open To All Lenders.] Starting May 1, Department of Housing and Urban Development is requiring all AU processing to use TOTAL for FHA loans. Fannie Mae helped market test the TOTAL scorecard. "Our experience with the market test over the past year has allowed Fannie Mae to offer a smooth transition to our lenders who choose to use the [FHA] scorecard before it becomes mandatory," Ms. Johnson said. To meet the May 1 deadline, Freddie Mac is gradually transitioning its lenders to TOTAL scorecard, a spokeswoman said. Over 40% of FHA loan are processed by AU systems.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
9h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25